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Viewing cable 08TOKYO324, SAPPORO HOLDINGS PANEL CALLS FOR REJECTION OF

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Reference ID Created Released Classification Origin
08TOKYO324 2008-02-07 06:44 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Tokyo
VZCZCXRO1403
RR RUEHFK RUEHKSO
DE RUEHKO #0324 0380644
ZNR UUUUU ZZH
R 070644Z FEB 08
FM AMEMBASSY TOKYO
TO RUEHC/SECSTATE WASHDC 1578
INFO RUEHBJ/AMEMBASSY BEIJING 1558
RUEHFR/AMEMBASSY PARIS 5976
RUEHUL/AMEMBASSY SEOUL 7618
RUEHFK/AMCONSUL FUKUOKA 5967
RUEHHK/AMCONSUL HONG KONG 6439
RUEHOK/AMCONSUL OSAKA KOBE 9636
RUEHKSO/AMCONSUL SAPPORO 6574
RUEHBS/USEU BRUSSELS
RUEHIN/AIT TAIPEI 6884
RUEATRS/TREASURY DEPT WASHDC
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RUEAWJA/JUSTICE DEPT WASHDC
RUEHGV/USMISSION GENEVA 3240
UNCLAS TOKYO 000324 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
DEPT FOR EAP 
ALSO FOR EEB/IFD/OIA:KAMBARA 
DEPT PASS USTR FOR BEEMAN 
USDOC FOR 4410/ITA/MAC/OJ/NMELCHER 
JUSTICE FOR ANTITRUST DIVISION - CHEMTOB 
TREASURY DEPT FOR IA/CARNES AND POGGI 
GENEVA FOR USTR 
 
E.O. 12958: N/A 
TAGS: EINV ECON OECD JA
SUBJECT: SAPPORO HOLDINGS PANEL CALLS FOR REJECTION OF 
STEEL PARTNERS TAKEOVER BID 
 
REF: 07 TOKYO 03689 
 
SENSITIVE BUT UNCLASSIFIED.  PLEASE PROTECT ACCORDINGLY. 
 
1.  (SBU) Sapporo Holdings, Inc., the parent company of 
Sapporo Breweries, announced February 5 that an independent 
advisory committee it set up to analyze the February 2007 
takeover bid (TOB) by U.S.-based investment fund Steel 
Partners had determined the bid is not in the best interests 
of the company.  The committee, which consisted of two 
academics and a former Fujitsu Corporation executive, 
criticized Steel Partners for failing to provide details on 
how it would manage the company after a takeover and how it 
would recoup the costs of purchasing Sapporo shares. 
However, the committee did not label the fund an abusive 
acquirer.  Sapporo's board now has until March 5 to respond 
formally to Steel's bid.  The view here is the board is 
almost certain to reject the bid and implement a takeover 
defense.  End Summary 
 
2.  (SBU) The analysis by the committee of three outside 
experts was part of Sapporo Holdings' "advance warning 
system", which the company invoked after Steel Partners' 
February 2007 tender offer for 66.6 percent of the company's 
shares.  Steel Partners is the Hokkaido-based firm's largest 
shareholder with a 17.5 percent stake.  In response to a 
request from Sapporo's board, Steel Partners in November 2007 
submitted a 125-page "Corporate Value Enhancement Plan" 
analyzing the company's current business operations (to the 
extent possible without the business proprietary information 
that the company refused to provide) and making specific 
recommendations on how to streamline Sapporo's existing brand 
lineup, expand its core beer business and maximize the value 
of the firm's extensive real estate holdings in central Tokyo. 
 
3. (SBU) Comment: Steel Partners, after being tagged an 
abusive acquirer in the 2007 Bull-Dog Sauce case (Reftel) has 
made a concerted effort to explain its strategy for improving 
the target company's operations.  The rejection by Sapporo's 
panel of experts of Steel's plan, therefore, may dishearten 
potential investors since it confuses the role of 
shareholders, who as owners have a right to set strategic 
direction of the company, and the role of managers 
responsible for day-to-day operations.  The outcome of the 
advance warning defensive mechanism in this case seems to 
support Steel's charge that Sapporo was not interested in a 
dialogue on improving the company's value, but rather was 
looking for an excuse to reject the takeover bid. 
DONOVAN